LIC Jeevan Pragati Plan Review
LIC Jeevan Pragati Plan is a non-linked, with – profits Endowment Assurance Plan. LIC of India has introduced this Plan to provide an attractive combination of protection and saving features. LIC Jeevan Pragati Policy (Plan No. 838) was introduced on 03rd February 2016 with a Unique Identification Number (UIN) of 512N306V01.
The Unique Feature of this Plan is, increase in Risk Cover after every five years during the Policy term. A Lump Sum Amount will be Payable to the Policyholder on the Maturity of the Policy. In addition to these advantages, this plan also takes care of liquidity needs through loan facility.
LIC Jeevan Pragati Endowment Plan Benefits & Features
Benefits of LIC Jeevan Pragati New Plan
Death Benefit:
If the Death of the Life Assured occurs on or before the Policy Term the Death Benefit which is equal to the Sum of “Sum Assured on Death”, Vested Simple Reversionary Bonuses and Final Additional Bonus will be Payable. The Death Benefit Shall not be less than the 105% of all the Premium paid as on Date of Death.
Where Sum Assured on Death is equal to the
- Ten Times of Annualised Premium.
- Absolute Amount Assured to be Paid on Death are
- During the First Five Policy years: 100% of the Basic Sum Assured (BSA).
- During 6th to 10th Policy years: 125% of the Basic Sum Assured (BSA).
- During 11th to 15th Policy years: 150% of the Basic Sum Assured (BSA).
- During 16th to 20th Policy years: 200% of the Basic Sum Assured (BSA).
Maturity Benefit:
On Survival of the Life Assured till the End of the Policy Period, “Sum Assured on Maturity” which is equal to the Basic Sum Assured along with the Simple vested Simple Reversionary Bonuses and Final Additional bonus will be Payable as Maturity Benefit.
Participation in Profits:
By taking this Policy, the Policyholder will receive Share in Profits of the Corporation as Simple Reversionary Bonuses declared as per the experience of the Corporation.
Features of New LIC Jeevan Pragati Plan
- LIC Jeevan Pragati Plan is a non-linked, With-Profits Endowment Assurance Plan.
- LIC Jeevan Pragati Policy is introduced to provide an attractive combination of protection and saving features.
- The Policyholder will Receive a lump sum Amount on Maturity of the Policy.
- An Additional LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01) is available under this Plan.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly mode of premium payment.
- The Policy can be Surrendered at any time during the Policy Term after successful Payment of Premium for three full years.
- The Policyholder will get a Guaranteed Surender Value and Special Surrender Value on Surrendering the Policy.
- You have the Facility to Return your Policy before Completion of Free-look Period if you are not Satisfied with the Terms and Conditions of the Policy.
LIC Jeevan Pragati Plan No. 838 Eligibility Criteria
For Base Plan:
| Entry Age | Minimum: 12 years (Completed) |
| Maximum: 45 years (nbd) | |
| Policy Term | Minimum: 12 years |
| Maximum: 20 years | |
| Maximum Maturity Age | 65 years (nbd) |
| Sum Assured (Basic Sum Assured shall be in Multiples of Rs. 10,000/-) | Minimum: Rs. 1,50,000/- |
| Maximum: No Limit. | |
| Premium Payment Modes |
|
Riders available under LIC Jeevan Pragati Policy
A Special Rider Namely LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01) is available under LIC Jeevan Pragati Plan. Rider sum assured cannot exceed the Basic Sum Assured. People who wish to get this Rider available under Jeevan Pragati Plan should meet the below Eligibility Conditions.
LIC’s Accidental Death and Disability Benefit Rider Eligibility Criteria
| Entry Age | Minimum: 18 years (Completed) |
| Maximum: The Cover can have Opted at Inception or at any Policy Anniversary after that. | |
| Maximum Cover Ceasing Age | 65 years (Nearest Birthday) |
| Minimum Accident Benefit Sum Assured | Rs. 10,000/- |
| Maximum Accident Benefit Sum Assured | An Amount Equal to the BSA Subject to Maximum of Rs. 100 lakh Overall Limit taking Existing Policies of the Life Assured. |
LIC Jeevan Pragati Policy Rebates
LIC is providing Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for LIC Jeevan Pragati Endowment Plan is given below.
Mode Rebate:
- Yearly Mode: 2% of Tabular Premium.
- Half-yearly Mode: 1% of Tabular Premium.
- Quarterly and Monthly: NIL.
High Basic Sum Assured Rebate:
| Basic Sum Assured | Rebate per Rs. 1000/- BSA |
| Rs. 1,50,000/- to Rs. 2,90,000/- | NIL. |
| Rs. 3,00,000/- to Rs. 4,90,000/- | 1.50% of BSA |
| Rs. 5,00,000/- to Rs. 9,90,000/- | 2.00% of BSA |
| Rs. 10,00,000/- and Above | 2.25% of BSA |
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The CEIS Rebate Rates are as follows.
| Policy Term | CEIS Rebate |
| 8 to 14 years | 5% |
| 15 years & above | 10% |
LIC Jeevan Pragati Maturity Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy and Maturity amount that will be paid on Maturity of the Policy By Using the LIC Jeevan Pragati Maturity Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Sample Premium Rates:
| TERM (in yrs.) | |||
| AGE (in yrs.) |
12 | 15 | 20 |
| 20 | 88.10 | 69.50 | 49.70 |
| 30 | 88.45 | 70.00 | 50.75 |
| 40 | 90.05 | 72.20 | 54.40 |
| 45 | 92.00 | 74.65 | 57.85 |
LIC Jeevan Pragati New Endowment Plan Buying Procedure
You can Buy the LIC Jeevan Pragati Endowment Plan from the Nearest LIC Branch Office or through online at the LIC’s Official Website or From the LIC Agent. The Documents required for buying LIC Jeevan Pragati Plan no. 838 are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
LIC Jeevan Pragati Plan Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Jeevan Pragati Claim Process are
- Claim Form.
- NEFT Form.
- Proof of death.
- Medical treatment before Death, School / College / Employer’s Certificate, whichever is applicable.
- Age proof.
Additional Information on LIC Jeevan Pragati Policy (Plan No. 838)
Policy Loan: Loan facility is available under this plan after the Successful Payment of Premiums for at least Three Years. The Maximum Loan that will be Granted as a Percentage of Surrender Value are
- For in force /Fully Paid-up policies: upto 90%.
- For paid-up policies: upto 80%.
Policy Revival: LIC Jeevan Pragati Plan can be revived before two years from the date of First Unpaid Premium (FUP).
Riders: A Special Riders Namely LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01) is available under this Plan.
Surrender Value:
LIC Jeevan Pragati Policy can be Surrendered at any time during the Policy Term after Successful Payment of Premium for Three Successful years. The Policyholder will receive Guaranteed Surrender Value and Special Surrender Value on Surrendering of the Policy.
Guaranteed Surrender Value:
The Guaranteed Surrender Value, which is equal to the total premiums paid (excluding taxes, extra premium and rider premium, if any) along with the Surrender Value of Simple Reversionary Bonuses, which is equal to Vested Bonuses multiplied by the Guaranteed Surrender Value factor applicable to vested Bonuses, will be Payable.
Special Surrender Value: The Special Surrender Value of Maturity Paid-up Sum Assured plus Vested Simple Reversionary Bonuses if any will be payable.
Paid-up Value: If the Policy Holder has paid Premiums for at least Two years or Three Full years depends on the Premium Paying Term and any Subsequent Premiums be not paid, all the Benefits under this policy will be ceased after Grace Period has completed.
Death Paid-up Sum Assured Value
[Sum Assured on Death x (Number of premiums paid/Total Number of premiums payable under the Policy)].
Maturity Paid-up Sum Assured Value
[(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)].
More Information on LIC Jeevan Pragati Plan
Free Look (Cooling Off) Period: If the Policy Holder not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.
Back-Dating Interest: The Policies can be Dated back within the Same Financial year. The Rate of Back-dating Interest will be charged by the Corporation from time to time of completion of policy.
Taxes: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policyholder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
Suicidal Exclusion:
- If the Life Assured commits suicide at any time within one year / 12 months from the date of commencement of risk, the Corporation will not entertain any Claim, but the Corporation will give you 80% of the Premiums paid excluding any taxes and Extra Premium paid.
- If the Life Assured commits suicide at any time Within 12 Months from Date of Revival, the Corporation will pay 80% of the Premiums paid till the Date of Death.
Proposal Forms: Proposal Form no. 300, 340 and 360 issued by U & R Department will be useful for this Plan.
FAQ’s on LIC Jeevan Pragati Plan no. 838
1.Is Loan is Available under lic Jeevan Pragati Plan?
Ans. Yes, Loan is Loan Facility is available under this Plan after the Successful payment of premiums for at least three full years.
2. What happens, If I Want to Surrender my LIC Jeevan Pragati Endowment Plan?
Ans: You can avail the Guaranteed Surrender Value & Special Surrender Value on Surrendering the LIC Jeevan Pragati New Endowment Plan at any time during the Policy Period.
3. What is Cooling-off Period for the LIC Jeevan Pragati Policy?
Ans: You have the Cooling-off Period of 15 Days to return the Jeevan Pragati Policy if you are not satisfied with the Terms and Conditions.